“If you don't know where your data is or it’s gotten into the wrong hands, it can be a very, very dangerous problem,” he told ET in an interview in Mumbai. “I would not be surprised if pretty much every country in the world creates something like this.”

Information is more valuable than applications and problems will arise when data get leaked or compromised.

THUMBS UP TO DIGITISATION DRIVE“Every business at the end of the day is based on some kind of trust or assurance,” Dell said. “With greater connectivity, artificial intelligence, machine learning and deep learning neural networks in play, data can be used to create even better outcomes.”

The central bank has asked global payments companies such as Visa and MasterCard to ensure that transaction data of Indian customers is only stored locally. Most companies have either complied with this or submitted a schedule for doing so, ET reported on Monday, which was the deadline.

Dell said he was impressed by India’s digitisation drive, which was unique in terms of scale. “These (initiatives) are a platform for tremendous amount of growth and innovation and no other country in the world is doing this in any way close to what India is,” he said.

“The economic opportunities that come from inclusive growth will be tremendous. On top of this, a vibrant ecosystem of startups and individuals getting more opportunities will create a positive growth environment.”

Dell said the company’s India expansion exceeded those of many other territories. “The India business is growing at a faster clip than other major geographies,” he said. “But we can do more, we have this saying inside Dell which goes — PBNS, pleased but never satisfied.”

MeitY has directed ministries and government departments to observe “due diligence to ensure that their schemes are not misrepresented by fake/fraudulent entities for extorting money from innocent people.”